Note Buyer/Loan Mod

[Marc Celestin]

I have a property under foreclosure, that my ex-wife failed to pay.  I was contacted by Kajaine Capital and the informed me they did have the note to this property.  They offered to loan mod or deeding the property over to them to terminate the mortgage.  I have a couple of questions - Does anyone have experience with this type of situation?  Are they legitimate and how do I confirm they have the mortgage? 

Thanks,

Marc

[Wayne Snell]

Yes Kajane Capital is a legitimate company. (However, I do not know whether they hold your loan or not - you should take the steps #Ellis San Jose mentioned above to verify with the county that the assignments show them as the owner, but I imagine they do).  Typically note owners are able to offer something called a "deed-in-lieu" (DIL) of foreclosure that allows you to sign over the deed and walk away from the house and the remainder of the debt instead of losing it to a full foreclosure depending upon the circumstances. A loan modification generally renegotiates the debt (payment and/or loan balance) to help you remain in the house. It can take on many forms, including reduced principal or debt forgiveness, lower payments traded for an extended loan duration. If you wish to keep the house, I would definitely consider this option and learn what they have to offer. Alternately, you could ask if they would approve a short sale of the property in lieu of foreclosure. This is not legal advice, so as suggested, you should speak with an attorney.